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From Data Waste to Data Wealth with the Right Market Research Tools

By May 7, 2024No Comments
From Data Waste to Data Wealth with the Right Market Research Tools

As a research technology provider for some of the world’s largest brands, we have an inside look at the challenges faced with primary data management and the resulting data waste. It’s one thing to collect the data, but with growing lists of vendors, formats, data lakes and disparate systems, the true challenge is finding the data at the moment when it is needed most.

Even global brands struggle with harnessing the vast amounts of data at their disposal. Organizations rarely have a centralized data source and struggle to gain efficiencies through regular knowledge management systems. The resulting data waste is a problem many insights professionals are beginning to address. In this era of big data, we will continue to face challenges around how we access and use data.

In light of this, it is only natural that brands are skeptical when they hear that a single platform provides the access they need to the data they own without requiring hours of training and without interrupting their workflows.

Let’s consider the data management challenge in terms of a library with books scattered across different rooms versus a comprehensive digital catalog. For most brands, their data is spread across various platforms and formats in much the same way without a unifying system. Visitors (team members) must wander from room to room, searching through shelves (different data sources) to find the information they need. This scattered arrangement makes it challenging to quickly locate specific books (data points), particularly when they are spread across numerous locations, leading to inefficiencies and frustration.

Centralizing the Data

The vision of what one client calls an “AI nerve center,” or more integrated and accessible data management system, is akin to transforming this sprawling, multi-room library into a digital catalog where all books are scanned, indexed, and made searchable from a single, user-friendly interface. Just like a digital catalog allows library visitors to effortlessly search for and locate books across the entire library from any access point, the centralized data platform enables a team to quickly find and analyze the data they need from a unified source.

Knowledgehound’s platform holds all of an organization’s primary survey data—the data that holds the key to your target market’s motivations and attitudes. Addressing researchers’ need for a data discovery solution, Knowledgehound makes unpacking that data simple. The platform allows researchers to find form and function in raw survey data. These powerful search-driven analytics features mean teams can easily find even disparate data locked in multiple platforms, codes and structures.

Minimizing Data Waste

Knowledge management tools are certainly great ways to centralize data, but they typically only store final reports. That data, which is stagnant and only lives on in a PowerPoint presentation, represents only the relevant information for that specific project. The data sits archived in a data analysis platform at best and is more often lost in an SPS file in a project folder. Any seasoned researcher knows that much of the data from any given project ends up on the cutting room floor when it is discarded during the time of filtering down for a specific presentation.

Knowledge management platforms do only part of the job. When only the reports can be accessed instead of the raw data, there is an inevitable large waste of data.
Instead, we ask better questions, including:

  • How do new employees find information in studies they aren’t aware were conducted?
  • Can the past data be re-queried with a new question for a fresh perspective?
  • How can we increase the ROI on each study and develop a living, breathing asset for the brand?

Free the Data

With the power of AI, researchers are now given amazingly powerful tools to search and even summarize data across multiple data sources. But with a more sophisticated use of advancements in Natural Language Processing integrated with a research-specific quantitative or qualitative research analysis approach, what is possible is game-changing. Knowledgehound’s powerful search-driven data analytics solutions allow researchers to search all of their survey data across disparate sources and summarize that information, including both structured and unstructured data. This difference is key as it equates to truly freeing the data to be accessible immediately and by all, no matter what form it takes. This is the beginning of true data democratization.

As organizations move to more agile data collection methods, the requirement for data sources aggregating in real time becomes increasingly important. Getting the foundation right means preparing your brand for getting more from your most valuable asset—the first-party data you already own. This avalanche of data availability will only grow over time. When teams from any department can easily query past research, organization-wide change is inevitable and maximizing the value of existing data becomes a realized competitive advantage.

Ease of Use

KnowledgeHound makes survey data accessible and analyzable in a user-friendly manner, understanding that data can have more of a life when accessed by those outside of the research function. Our platform enables users to search through survey data easily and analyze it without the need for specialized technical skills. This democratization of data is critical for brands with users without traditional or technical data experience. This ease of use also contributes to a quicker onboarding process and a higher rate of adoption and use of our platform company-wide.

KnowledgeHound’s ability to integrate various data types presents a path forward in treating data like an asset. With a few clicks, users can create dynamic dashboards visual representations, create reports for sharing key takeaways and more. The platform’s capabilities to export data directly into user-friendly formats like PowerPoint cater directly to client mandates for more efficient, accessible data tools for survey data visualization.

What is the Primary Purpose of Data Democratization?

The biggest opportunity for insights teams today is to embrace centralized data solutions and more efficiently use their vast data reserves, turning unused information into a valuable asset. The purpose of that is to get this information into the hands of more people within the organization who can add new perspectives, find better uses for the data and make it the norm to rely on data for brand decisions. We’ve built the technology to finally make the technology fade into the background. With KnowledgeHOund, teams use the technology while keeping curiosity at the forefront of their efforts. The result is more immediate access and use of existing data for better brand impact.